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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Signaling Bullish Breakout: A Strong Case For Upside Above 100 SMA

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is recovering from the $225 support against the US Dollar. ETH price is now trading near the $230 level ad it seems like there are chances of more gains if it breaks the 100 SMA (H4).

  • ETH price is slowly gathering pace from the key $225 support area against the US Dollar.
  • It is now approaching the key $235 resistance and the 100 simple moving average (4-hours).
  • There was a break above a major declining channel or a bullish flag with resistance near $228 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if it closes above $232 and the 100 simple moving average (H4).

Ethereum Price Could Struggle Near 100 SMA

This past week, Ethereum grinded lower after it failed to clear the $235 resistance against the US Dollar. ETH price broke the $230 support level and settled well below the 100 simple moving average (4-hours).

However, the $225 support zone acted as a strong buy zone. A low is formed near $224 and the price started a steady increase. There was a break above the $228 resistance, plus the 23.6% Fib retracement level of the downward move from the $237 high to $224 low.

There was also a break above a major declining channel or a bullish flag with resistance near $228 on the 4-hours chart of ETH/USD. It has opened the doors for more gains above the $230 level.

Ethereum Price

Ethereum price trades below $230. Source: TradingView.com

Ether price is currently showing a lot of positive signs and it might continue to rise towards the $232 resistance and the 100 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $237 high to $224 low might also act as a resistance.

The main resistance is still near the $235 level. A successful close above the $235 resistance could lead the price further higher. The next major resistance is seen near the $240 level, above which it could test $250.

Fresh Drop in ETH?

On the downside, there are many important supports forming near the $228 and $225 levels. If Ethereum fails to clear the 100 SMA, there are chances of a fresh drop below $228.

A downside break below the $225 support zone could accelerate decline in ether. Any further losses might open the doors for a push towards $218 or even $205.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly gaining in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $225

Major Resistance Level – $235

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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